Where do I report a profit on insurance claim for rental property?

[klw3001]

My rental property had some water damage to the walls and floors, and my insurance paid more than the cost of repairs came out to.

So where do I report the profit made between the insurance payout and repair costs?

[DawnC0 · Accepted solution]

You report the gain from the excess insurance proceeds on Form 4684 which shows up under 'Other Gains' on Schedule 1 of Form 1040.  In TurboTax, you can report it under Casualties and Thefts which can be found under 'Deductions & Credits'.  For more information on these gains and how to postpone them, see here:  Reporting a Gain on Reimbursement